Some people will play around with the idea of filing for bankruptcy, never really moving forward with the idea because they are not sure if they are truly that far into a financial hole that they need a chapter 7 bankruptcy lawyer to help them. If this sounds like something that you are dealing with, you will want to take a few moments to review the following information.
You Cannot Reach A Repayment Agreement With Your Creditors
If you have fallen behind on your bills, you may first want to find a way to catch up on them. This can usually be done through the option of a repayment plan. However, if you are finding that the creditors are refusing to work with what you can afford to pay them, or they are simply unwilling to take anything less than all of your past due amount, you might need the bankruptcy court to help you. If you are not able to make payments to catch up your past due obligations, the financial hole you find yourself in is only going to get a lot deeper for you.
You Are Not Able To Afford Regular Payments To Your Creditors
Even if your past due debt were to suddenly be forgiven, if you are not able to keep up with your standard monthly obligations, you might need to file for chapter 7 bankruptcy. This is important when your monthly bring home income does not cover your basic living needs and at least the minimum monthly debt that needs to be paid out. You could try to work some overtime hours or obtain a second job, but if that is not feasible for you or that still would not bring in enough money to make it work, you will want to talk with an attorney about filing for chapter 7 bankruptcy.
Your Financial Situation Is Causing You Additional Problems
If the stress of the financial strain that you are under is causing problems in other areas of your life, such as your personal relationships, you might want to go ahead and consult with an attorney that can help you sort all of this out. This way, you can be relieved of the excess debt and begin to get your life back into an order that you can be pleased with.
You should now have a much better idea as to whether it is time for you to consult with a chapter 7 bankruptcy lawyer. The sooner you get in touch with one and set up a consultation, the sooner you will have confirmation in regards to whether you should file bankruptcy now before your situation gets a lot worse.